The UK has on 2 November sanctioned 4 oligarchs who have enabled Putin to mobilize Russian industries to support his military effort. UK’s Foreign Secretary Mr James Cleverly said “Putin continues to rely on his cabal of selected elite to maintain control of his industrial complex and fuel his illegal invasion of Ukraine. Today we are sanctioning an additional four oligarchs who rely on Putin for their positions of authority and in turn fund his military machine. By targeting these individuals, we are ramping up the economic pressure on Putin and will continue to do so until Ukraine prevails.” Amongst those sanctioned today are Mr Alexander Abramov and Mr Alexander Frolov, who have been targeted for their involvement in the extractive, transport, and construction sectors. The pair, known to be business associates of Mr Roman Abramovich, previously owned major stakes in Russian steel manufacturer Evraz plc, are thought to have an estimated global net worth of GBP 4.1 billion and GBP 1.7 billion respectively, and are reported to have UK property investments worth an estimated GBP100 million. They are both subject to travel bans, asset freezes and transport sanctions. Alexander Grigoryevich Abramov is a former non-executive director of Evraz PLC. In this role, Abramov had been involved in obtaining a benefit from or supporting the Government of Russia by working as a Director at Evraz PLC, an entity carrying on business in sectors of strategic significance to the Russian government, namely, the extractive sector, the transport sector, and the construction sector. Abramov’s net worth is reported to be an estimated GBP 4.1 billion. Abramov is subject to a travel ban, asset freeze and transport sanctions Alexander Vladimirovich Frolov is a former director and former CEO of Evraz PLC. In this role, Frolov had been involved in obtaining a benefit from or supporting the Government of Russia by working as a Director at Evraz PLC, an entity carrying on business in sectors of strategic significance to the Russian government, namely, the extractive sector, the transport sector, and the construction sector. Frolov’s net worth is reported to be an estimated GBP 1.7 billion. Frolov is subject to a travel ban, asset freeze and transport sanctions Asset freezeAn asset freeze prevents any UK citizen, or any business in the UK, from dealing with any funds or economic resources which are owned, held or controlled by the designated person. UK financial sanctions apply to all persons within the territory and territorial sea of the UK and to all UK persons, wherever they are in the world. It also prevents funds or economic resources being provided to or for the benefit of the designated person. Travel banA travel ban means that the designated person must be refused leave to enter or to remain in the United Kingdom, providing the individual is an excluded person under section 8B of the Immigration Act 1971. Transport sanctionsRecently introduced powers make it a criminal offence for any Russian aircraft to fly or land in the UK and give the government powers to remove aircraft belonging to designated Russian individuals and entities from the UK aircraft register, even if the sanctioned individual is not on board. Russian ships are also banned from UK ports. The UK has sanctioned more than 1,200 individuals and 120 entities, including more than 120 oligarchs with a net worth of more than GBP 140 billion.
The UK has on 2 November sanctioned 4 oligarchs who have enabled Putin to mobilize Russian industries to support his military effort. UK’s Foreign Secretary Mr James Cleverly said “Putin continues to rely on his cabal of selected elite to maintain control of his industrial complex and fuel his illegal invasion of Ukraine. Today we are sanctioning an additional four oligarchs who rely on Putin for their positions of authority and in turn fund his military machine. By targeting these individuals, we are ramping up the economic pressure on Putin and will continue to do so until Ukraine prevails.” Amongst those sanctioned today are Mr Alexander Abramov and Mr Alexander Frolov, who have been targeted for their involvement in the extractive, transport, and construction sectors. The pair, known to be business associates of Mr Roman Abramovich, previously owned major stakes in Russian steel manufacturer Evraz plc, are thought to have an estimated global net worth of GBP 4.1 billion and GBP 1.7 billion respectively, and are reported to have UK property investments worth an estimated GBP100 million. They are both subject to travel bans, asset freezes and transport sanctions. Alexander Grigoryevich Abramov is a former non-executive director of Evraz PLC. In this role, Abramov had been involved in obtaining a benefit from or supporting the Government of Russia by working as a Director at Evraz PLC, an entity carrying on business in sectors of strategic significance to the Russian government, namely, the extractive sector, the transport sector, and the construction sector. Abramov’s net worth is reported to be an estimated GBP 4.1 billion. Abramov is subject to a travel ban, asset freeze and transport sanctions Alexander Vladimirovich Frolov is a former director and former CEO of Evraz PLC. In this role, Frolov had been involved in obtaining a benefit from or supporting the Government of Russia by working as a Director at Evraz PLC, an entity carrying on business in sectors of strategic significance to the Russian government, namely, the extractive sector, the transport sector, and the construction sector. Frolov’s net worth is reported to be an estimated GBP 1.7 billion. Frolov is subject to a travel ban, asset freeze and transport sanctions Asset freezeAn asset freeze prevents any UK citizen, or any business in the UK, from dealing with any funds or economic resources which are owned, held or controlled by the designated person. UK financial sanctions apply to all persons within the territory and territorial sea of the UK and to all UK persons, wherever they are in the world. It also prevents funds or economic resources being provided to or for the benefit of the designated person. Travel banA travel ban means that the designated person must be refused leave to enter or to remain in the United Kingdom, providing the individual is an excluded person under section 8B of the Immigration Act 1971. Transport sanctionsRecently introduced powers make it a criminal offence for any Russian aircraft to fly or land in the UK and give the government powers to remove aircraft belonging to designated Russian individuals and entities from the UK aircraft register, even if the sanctioned individual is not on board. Russian ships are also banned from UK ports. The UK has sanctioned more than 1,200 individuals and 120 entities, including more than 120 oligarchs with a net worth of more than GBP 140 billion.
